Is Bitfinex Taking Notes from eToro and Will A "Copytrader" Function be Next?
Established in 2012, Bitfinex is one of the oldest continuously functioning cryptocurrency exchanges. While Bitfinex and its parent company, iFinex have had their fair share of legal issues over the years, it is still trusted by many across the globe.
A few days ago, Bitfinex CTO Paolo Ardoino teased followers on Twitter that an old feature will be restored. Many have tied to guess what that feature would be, to no avail. Shortly after he revealed Bitfinex's latest release: Public Leaderboards
Bitfinex, Public Leaderboards, & Leo
The launch of public leaderboards seems a tiny bit like a novelty but could be a cool functionality for some traders. The high-score boards from arcades in the 80s and 90s pushed people to pump in more quarters for a chance to see their name on the board. Bitfinex might see higher trading volumes as a result of super competitive traders trying to outdo one another.
If Bitfinex's trading volume does increase dramatically, one would assume that Bitfinex's native exchange token, LEO will follow.
The leaderboard function seems to be inspired by eToro, who have similar functionalities. eToro does have an additional functionality of "Copytrader" as well. This allows traders to place the same trades as the top traders within milliseconds. Bitfinex might want to introduce a similar functionality in the future.
Bitfinex's LEO is currently at a very low price. It is currently trading at $1.06, just a few cents away from its all-time-low of $1.03 on the 22nd of May 2018. Seeing recent developments along with a near all-time-low price, LEO might receive a decent pump.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado